All Forum Posts by: Tom Grieshammer

I'm 26 and living with my parents so I've saved 120,000 and am trying to become financially independent. I found a 325,000 quad that's fully occupied grossing "over 5,000 per month" in the Mt.Pleasant Neighborhood of Cleveland Ohio. Seems to be in good condition from the pictures and I have enough that I could pay for some CapEx if it needs some. But that neighborhood is not good and my parents are telling me I'm crazy for thinking about risking all my money in a dangerous part of town. My thinking is that with a price to rent ratio like that I could hire a property manager so I don't have to frequent the area and am a couple house hacks away from being able to cut back to part time. Am I looking at this with rose colored glasses?

I’m 26 and I’ve saved up 120,000 and want to get the best bang for my buck in real estate. I’m considering buying a plot of land in the Cleveland area and getting a manufactured home (duplex if I could find the right zoning) put onto a permanent foundation to use as a long term rental. 
Will this be a more lucrative long term move than just buying an existing duplex or is this needlessly complicated

Thanks